Swiss Re FY23 Profit Surges, Ups Dividend, Confirms Outlook; Stock Down

RTTNews | Před 482 dny
Swiss Re FY23 Profit Surges, Ups Dividend, Confirms Outlook; Stock Down

(RTTNews) - Swiss Re Ltd. reported Friday significantly higher profit in its fiscal 2023, supported by improved underwriting margins and an increase in investment income with higher interest rates. Net premiums earned and fee income were higher than last year. Further, the company lifted its dividend, and confirmed forecast for higher earnings in fiscal 2024.

In Switzerland, Swiss Re shares were losing around 2.4 percent to trade at 101.15 Swiss Francs.

Swiss Re's Group Chief Executive Officer Christian Mumenthaler said, "We achieved all our financial targets in a year that was characterised by geopolitical turbulence and continued economic uncertainty. … In 2024, we continue to put emphasis on underwriting discipline as evidenced in the successful January renewals. Our focus on costs and strengthening proximity to our clients also remains paramount. Finally, the accounting transition from US GAAP to IFRS will be beneficial to our earnings and reported balance sheet strength."

For 2024, Swiss Re continues to expect net income of more than $3.6 billion under IFRS, higher than the previous year.

Life & Health Reinsurance or L&H Re targets a net income of $1.5 billion. P&C Re targets an IFRS reported combined ratio of less than 87 percent for 2024, while Corporate Solutions targets an IFRS reported combined ratio of less than 93 percent.

Further, the company said its Board of Directors will propose a dividend increase of 6 percent to $6.80 per share at the Annual General Meeting on April 12.

For fiscal 2023, net income surged to $3.21 billion from last year's $472 million. In the fourth quarter, net income was $748 million.

Property & Casualty Reinsurance or P&C Re net income surged to $1.9 billion from last year's $312 million. The company noted that strong margins and positive reserve developments in property and speciality lines helped offset reserve strengthening in the casualty business.

L&H Re's net income climbed to $976 million from $416 million in the previous year. Corporate Solutions reported a net income of $678 million in 2023, compared with $486 million in the previous year.

Swiss Re's full-year net premiums earned and fee income rose 4.4 percent to $45.00 billion from last year's $43.12 billion. At constant foreign exchange rates, net premiums earned and fee income increased 4.9 percent.

P&C Re's net premiums earned grew to $22.88 billion from last year's $22.03 billion. The segment increased premium volume by 9 percent in the January 2024 renewals and achieved price increases of 9 percent.

L&H Re Net premiums earned and fee income increased 4.4 percent to $15.65 billion in 2023, driven by large transactions written across regions. At constant foreign exchange rates, net premiums earned and fee income increased 5.6 percent.

L&H Re achieved a solid result, benefitting from active in-force portfolio management and a strong investment performance, the company noted.

Corporate Solutions net premiums earned remained stable at $5.48 billion in 2023. At constant foreign exchange rates and excluding the elipsLife business sold in mid-2022, net premiums earned increased 7.3 percent.

Swiss Re's ROI for the full year increased materially to 3.4 percent from 2.0 percent in 2022. The recurring income yield increased to 3.6 percent for 2023 from 2.6 percent in the previous year.

read more
Swiss Re Stock Gains As H1 Profit Climbs, Backs Outlook

Swiss Re Stock Gains As H1 Profit Climbs, Backs Outlook

Shares of Swiss Re Ltd. were gaining more than 3 percent in the morning trading in Switzerland after the reinsurer reported Thursday higher profit in its first half with improved insurance revenues, supported by strong contributions from all business units. Swiss Re's Group Chief Executive Officer Andreas Berger said, "After a strong start in the first half of this year, we maintain our 2024..."
RTTNews | Před 294 dny
Swiss Re H1 Profit Surges, Backs FY23 View; Stock Down

Swiss Re H1 Profit Surges, Backs FY23 View; Stock Down

Swiss Re Ltd. reported Friday significantly higher profit in its first half with contained natural catastrophe losses as well as improved net premiums earned and fee income. The reinsurance giant further maintained its profit target of more than $3 billion for fiscal 2023. The shares were losing around 3 percent in the morning trading in Switzerland.
RTTNews | Před 678 dny
Swiss Re Posts Q3 Loss, Confirms Mid-term View; Stock Down

Swiss Re Posts Q3 Loss, Confirms Mid-term View; Stock Down

Shares of Swiss Re AG were losing around 3 percent in the morning trading in Switzerland after the reinsurer reported Friday a net loss in its third quarter and the first nine months of fiscal 2022. The results were hurt mainly by weakness in Property & Casualty Reinsurance or P&C Re segment. Going ahead, the company still expects it is unlikely to reach its Group ROE target of 10 percent in 2022.
RTTNews | Před 958 dny
Taiwan Shares May Bounce Higher Again On Friday

Taiwan Shares May Bounce Higher Again On Friday

The Taiwan stock market on Thursday ended the three-day winning streak in which it had rallied more than 810 points or 3.6 percent. The Taiwan Stock Exchange now sits just beneath the 22,290-point plateau and it may see renewed support on Friday.
RTTNews | Před 9 minutami
Rebound Anticipated For Japan Stock Market

Rebound Anticipated For Japan Stock Market

The Japan stock market on Thursday ended the four-day winning streak in which it had climbed more than 860 points or 2.5 percent. The Nikkei 225 now sits just beneath the 38,175-point plateau although it may bounce higher again on Friday.
RTTNews | Před 10 minutami
U.S. Dollar Weakens After Soft PPI Data

U.S. Dollar Weakens After Soft PPI Data

The U.S. dollar dropped against its major counterparts in the New York session on Thursday, as soft producer inflation data for May raised hopes of a rate cut by the Federal Reserve.
RTTNews | Před 3 h 25 min
Canadian Market Up Slightly In Cautious Trade

Canadian Market Up Slightly In Cautious Trade

After a flat start and a subsequent drop, the Canadian market moved into positive territory Thursday morning, led by gains in materials and communications sectors. The mood remains cautious amid uncertainty about U.S.-China trade deal and easing prospects of he European Union arriving at a pact with the U.S. before the July 8 deadline. Middle East tensions also weigh on sentiment.
RTTNews | Před 5 h 9 min
U.S. Producer Prices Inch Up 0.1% In May, Less Than Expected

U.S. Producer Prices Inch Up 0.1% In May, Less Than Expected

After reporting an unexpected decrease by U.S. producer prices in the previous month, the Labor Department released a report Thursday showing producer prices crept slightly higher in the month of May. The Labor Department said its producer price index for final demand inched up by 0.1 percent after slipping by a revised 0.2 percent in April.
RTTNews | Před 7 h 57 min